Canada Regulator Outlines Plan to Bolster C-Suite Women, But No Sign of Quotas

Canada’s biggest securities regulator Thursday laid out its proposals to encourage companies listed on the country’s flagship stock exchange to add more women to their boards.

But the Ontario Securities Commission rejected the idea of introducing quotas to better ensure that goal is met.

The OSC’s recommendations include requiring Toronto Stock Exchange-listed companies disclose their policies around the consideration of nominating women directors, and their targets for having women directors and women in executive positions.

The proposals are in line with those the commission first outlined in July.

In October, Ontario Teachers’ Pension Plan, one of Canada’s biggest pension funds — with about 129.5 billion Canadian dollars ($118.3 billion) in assets — recommended the OSC adopt a more aggressive position by forcing companies to have at least three female board members, or face possible delisting. The pension fund argued the OSC’s proposals lacked bite to encourage companies to add more women directors.

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